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Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2012
Fair Value of Derivative Instruments Not Designated as Hedging Instruments

At December 31, 2012 and 2011, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.

 

     December 31, 2012      December 31, 2011  
     Asset Derivatives      Liability Derivatives      Asset Derivatives      Liability Derivatives  

(Thousands of dollars)

    Balance
Sheet
Location		      Fair
Value		      Balance
Sheet
Location		      Fair
Value		      Balance
Sheet
Location		      Fair
Value		      Balance
Sheet
Location		      Fair
Value		  
                       
                       

Type of

Derivative Contract

                        
Commodity     
 		 Accounts
Receivable		   
  		      $3,043        
 		 Accounts
Payable		   
  		      $102        
 		 Accounts
Receivable		   
  		      $197        
 		 Accounts
Payable		   
  		      $489   
Foreign exchange      —           —          
 		 Accounts
Payable		   
  		      $1,031         —           —          
 		 Accounts
Payable		   
  		      $8,459   
Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments

For the years ended December 31, 2012 and 2011, the gains and losses recognized in the Consolidated Statements of Income for derivative instruments not designated as hedging instruments are presented in the following table.

 

      Year Ended December 31, 2012     Year Ended December 31, 2011  

(Thousands of dollars)

    Location of
Gain (Loss)
Recognized
in Income

on Derivative		      Amount of
Gain (Loss)
Recognized
in Income
on Derivative		     Location of
Gain (Loss)
Recognized
in Income on
Derivative		      Amount of
Gain (Loss)
Recognized
in Income
on Derivative		  
          
          
          
          

Type of

Derivative Contract

           
Commodity     

 

 Crude Oil and

Product Purchases

   

  

    $ (38,283 )     
 		 Crude Oil and
Product Purchases		   
  		    $ 5,659   

Foreign exchange

     
 		 Interest and Other
Income (Loss)		   
  		      14,156       
 		 Interest and Other
Income (Loss)		   
  		      (305 ) 
     

 

 

       

 

 

  
      $ (24,127 )       $ 5,354   
     

 

 

       

 

 

  
Fair Value of Interest Rate Derivative Contracts Designated as Hedging Instruments

At December 31, 2011, the fair value of these interest rate derivative contracts, which were designated as hedging instruments for accounting purposes, are presented in the table below.

 

      December 31, 2011  
      Liability Derivatives  

(Thousands of dollars)

    Balance
Sheet
Location		      Fair
Value		  

Type of

Derivative Contract

   

 
 

Accounts
Payable

  
  

   

$

25,927

  

Interest rate